Court ruling backs Perpetua’s $1.3B Stibnite build

AI desk brief

Perpetua Resources can keep early construction moving at its Stibnite gold-antimony project in Idaho after a U.S. federal court upheld key approvals against an environmental challenge. National Bank says the ruling materially de-risks the project ahead of a final investment decision expected later this year; first gold is still targeted for 2029 and the project is sized at more than 400,000 gold-equivalent ounces a year.

The project remains strategically important because Stibnite is the only domestic U.S. antimony reserve, a metal used in weapons and backed by the Department of Defense. The Trump administration has fast-tracked the mine, while EXIM approved a $2.9 billion loan in May. National Bank sees potential annual earnings of $1 billion to $2 billion and rates the stock outperform with a C$55 target.

Near term, the court ruling mainly supports construction continuity rather than immediate gold market pricing. Perpetua had C$574 million in cash at Q2 and plans C$177 million of Q3 spending, including engineering, field operations, early works and exploration. Shares fell 1.8% in Toronto on Monday alongside broader market weakness, but the bigger catalyst remains financing closure and FID execution later this year.